I just listened to the entire conference call of Dec. 24th and it clarified the issue we are addressing today. Elmer stated that the BFS had met Teck's minimum requirement of 8%. No mention of 12%. So if that minimum was on Teck's checklist and its been met, then I don't see why they would not agree to accept the BFS as is. Also, didn't Elmer say Teck had approved the BFS right after it was released in Dec. to one of you? I recall the approval but not to whom.

From the conference call, Elmer also stated that Teck had to make a decision of their election within 60 days of receipt of hard copy of BFS, that's when the clock starts. The reason for 60 days is because of the Joint Venture Agreement. Unless we know what their election is, why waste time with an Agreement? They will have to decide within 60 days to go for percentage, no interest, or 100%. Yes, the clock is for 120 days but, Elmer is right in his conference call. Teck needs to let CUU know within 60 days for sure for Joint Venture Agreement to proceed.